|
|
 |
|
Viewing report
|
|
|
|
Caribbean Food and Drink Report Q3 2011
Business Monitor International, May 2011, Pages: 108
The Caribbean Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Caribbean's food and drink industry.
The consumer outlook for the Caribbean food and drink market will remain dependent on the number of internal and external factors. In terms of the latter, improvement in the economic situations of the region's key tourists destinations will stimulate purchases of more premium foods and beverages, especially through the mass grocery retail (MGR) outlets, as the tourism industry recovers. In terms of the former, elevated unemployment levels and downward pressures on public finances will continue to constrain domestic spending in some countries. Overall, it is expected that most markets will post modest single digit increases in the per capita values of their food consumption levels for the current year, especially as inflation has also largely been contained across much of the region.
Headline Industry Data 2011 food consumption per capita (US$)/year-on-year (y-o-y) local currency change/forecast compound annual growth rate (CAGR) to 2015 (local currency):
- Bahamas: US$1,386/+7.27%/+4.91%
- Barbados: US$884/+2.84%/+3.41%
- Dominican Republic: US$150/+3.63%/+4.31%
- Jamaica: US$171/+3.96%/+3.30%
- Puerto Rico: US$308/+1.07%/+2.11%
- Trinidad and Tobago: US$320/-0.07%/+2.18%
Key Company Trends:
Local Producers Expanding Exports
China has started to import coffee from Jamaica, according to Jamaica Observer's reports from April 2011. Hangzhou Coffee has bought a 16,500kg shipment of green bean coffee from the Caribbean country. Jamaica's agriculture ministry claims that the start of such trade reflects China's gift-giving traditions in which pride is taken in high quality goods, such as Jamaica's green bean coffee, despite China's relatively low coffee consumption.
Foreign Players Reaching Caribbean Markets Through Distribution Agreements
In April 2011, US based natural energy juice maker Cuba Beverage Company entered a distribution agreement with Cayman Island-based distributor Cayman Energy Drinks. The agreement allows Cayman Energy Drinks to become the first and sole distributor for Cuba Beverage's herbal energy juice drink range in the Cayman Islands, with the first energy juice drink consignment to be shipped in June 2011. In the alcoholic drinks arena, shortly after the signing of a distribution agreement with the Italian liqueur firm Illva Soronno for the Caribbean market, Dutch drinks group Monarq agreed a deal for the distribution of South African wine and brandy specialist KWV's portfolio of wines and brandies in the Caribbean and Latin America. Around the same time, Monarq also replaced Stansfeld Scott in the Caribbean region to distribute the vodka portfolio on behalf of Poland-focused spirits manufacturer Central European Distribution Corporation (CEDC).
Key Risks to Outlook
Different Prospects for Individual Caribbean Markets – Given that the Caribbean is not a homogeneous food and drinks markets, risks are on both upside and downside in relation to individual countries surveyed. For example, given that tourism continues to account for a significant proportion of economic activity in Jamaica, improved international perceptions of the island are likely to bode well for real GDP growth and thus also for consumer outlook. Furthermore, on the domestic front, this is likely to encourage greater investment into both hotel and transport infrastructure from the private sector. On the other hand, in Puerto Rico, one of the largest regional food and drinks markets, while huge structural reforms have dramatically improved the island's fiscal outlook, growth is set to remain weak, especially as the authorities aim to rein in public sector spending.
Product samples
A sample for this product is available. Please Login/Register to download this sample.
|
|
|
|
